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John's Economics Test
Test Description: John
Instructions: Answer all questions to get your test result.
1) What is it called when you choose one thing over another?
A
scarce
B
consumer
C
producer
D
opportunity cost
2) What is it called when there is only a limited amount of a resource?
A
producer
B
scarce
C
consumer
D
oppurtunity cost
3) What are the things that you can use like books, cars, and clothes called?
A
goods
B
producer
C
oppurtunity cost
D
needs
4) What are things that people have to have like food, sheler and clothing are called?
A
needs
B
goods
C
wants
D
scarce
5) What are things that people would like to have such as books, iPads, and slides are called?
A
wants
B
needs
C
oppurtunity cost
D
service
6) What is it called when someone does something for you like teaching you math or watching your dog?
A
need
B
want
C
producer
D
service
7) What are people who make or grow something called?
A
consumers
B
wants
C
producers
D
services
8) What are people who buy or use things called?
A
wants
B
consumers
C
scarce
D
producers
9) What is it called when people use money as an exchange?
A
price
B
majority rule
C
sharing
D
first come first served
10) What is it called when the greater number (most people choose) has the greater power?
A
first come first served
B
contest
C
sharing
D
majority rule
11) What is it caled when people compete for 1st place in an event?
A
majority rule
B
price
C
contest
D
sharing
12) What is it called when you give a portion of something to someone else?
A
contest
B
first come first served
C
price
D
sharing
13) What is it called when people are attended to based on the order that they arrive?
A
price
B
sharing
C
first come first served
D
contest
14) Native Americans did not have money, so how did they get the things they wanted or needed?
A
they didn't get what they wanted or needed
B
stealing
C
bartering
D
getting presents
15) What is an example of bartering?
A
using a credit card to buy an iPad
B
exchanging an eraser for a pencil
C
finding a dollar in the road
D
paying money for a candy bar
16) What is the benefit of saving your money?
A
You will have more money to buy something you want in the future.
B
You will have all the money in the world.
C
You will have less money to buy something you want in the future.
D
People will take all of your money.
17) What is the cost of saving your money (what did you give up from saving your money)?
A
You can't get something immediately.
B
You will never have any money in your whole life.
C
You can get a laptop whenever you want to.
D
You can get something when you want to if you have the money for it.
18) What is the benefit of spending your money?
A
You can get the things you want or need immediately.
B
You can't get the things you want or need immediately.
C
You can never buy anything ever again, even if you have enough money.
D
You can buy anything, even if you don't have enough money.
19) what is the cost of spending your money (what did you give up from spending your money)?
A
You will get in trouble for spending all of your money.
B
You will have lots of money left over to buy toys and candy.
C
You will be happy that you have lots of little things.
D
You might not have money to buy something later.
*select an answer for all questions
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